Kenya and Egypt Plan New Debt Issues Despite Market Turmoil

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Recent market turmoil has not deterred relatively risky countries from their debt-raising plans. Kenya has appointed banks to raise 30-year debt — a plan that would make it one of just a handful of sub-Saharan African sovereigns to do so — along with a 10-year bond, the Financial Times reported. Meanwhile Egypt is in the market today with a three-tranche deal, offering five-, 10- and 30-year paper. Both deals will be denominated in dollars. The moves come after Greece last week raised €3bn in seven-year debt, in its second debt sale since its post-bailout return to the capital markets last summer. That deal priced on Thursday after being delayed earlier in the week by the sharp market moves. Kenya has mandated Citi, JPMorgan, Standard Bank and Standard Chartered Bank on its deal, and is holding a series of investor meetings from today onwards. It is rated B+ stable by S&P and B+ stable by Fitch. Read more. (Subscription required.)